4 Reasons I Love Owning My Own Home

There are some surprising benefits to homeownership.

Owning a home can be an expensive proposition.

It requires coming up with a down payment, getting approved for a home loan, and paying that loan every month for decades. It also means that you're responsible for dealing with all maintenance and repair issues, which can be a time-consuming hassle.

But despite those realities, I absolutely love owning my own home, and if it's feasible, I would like to remain a homeowner forever and never live in a rental again. Here are four big reasons why homeownership is undeniably a better choice for me.

1. I have a broader choice of living environments

In the area where I live, there aren't a ton of rental houses -- most places for rent are condos or townhouses. And most of the rental houses that do exist are relatively small and are located in cities or on busy roads.

Since I have dogs and a toddler, and we like to spend time outside, I prefer to live on a large plot of land in a country area -- and to live in a house that provides plenty of space for our needs. I wouldn't be able to do that if I had to rent a home.

And that's not unique to my area, either. In most parts of the U.S., you can buy a home almost anywhere and of almost any size, but the selection of available rental properties is much more limited.

After all, landlords need to locate properties where there's the most chance of people renting them, and they need them to appeal to the widest pool of potential buyers. That generally means rentals can't be too large or too remote.

2. I'm not subject to the whims of a landlord

As a renter, your lease protects you to some extent, but it doesn't provide perfect protection.

Your landlord could give you notice and require you to move at the end of your lease term, for example. Or the landlord could sell the property, which could mean you get stuck dealing with a different person who may not manage the property as well.

As a homeowner, I know that no one can make me leave my home (as long as I keep paying my mortgage). And I don't have to depend on a landlord's continued ownership and effective management to keep my house well maintained.

3. I can put my stamp on the property

I love decorating and gardening, and my house is very personal to me. (I even have a dog shower with tiled pictures of my dogs.) It would be impractical to spend the money to do this in a rental property, even if a landlord would allow it.

The ability to decorate and design my home -- and make permanent and costly changes such as putting in a pool -- is one of the major reasons why I would prefer never to rent again.

4. My home helps me build wealth

Each month when I make my mortgage payment, I gain more equity in my home (the difference between what my home is worth and what I owe on my mortgage). Eventually, I'll own my house free and clear, and it will be a valuable asset that I can either sell or live in without a monthly housing payment.

The equity I'm building helps me grow my net worth. If I was renting, I would just be paying for a place to live without ending up with a valuable asset after a few decades.

For all of these reasons, I love being a homeowner. Of course, that doesn't mean the choice I've made is right for everyone -- but it's definitely the best move given my financial priorities and lifestyle choices.